Russia invites Iran to sell oil at Petersburg commodity exchange

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Russia has invited Iran to sell crude oil on the St. Petersburg Commodity Exchange, the Russian energy minister said on Monday.
TEHRAN, March 2 (RIA Novosti) - Russia has invited Iran to sell crude oil on the St. Petersburg Commodity Exchange, the Russian energy minister said on Monday.

"The Russian side has proposed that our Iranian partners consider the possibility of selling a part of Iran's oil at the St. Petersburg Commodity Exchange," Sergei Shmatko said.

Shmatko, who is the Russian co-chairman of a bilateral intergovernmental trade and economic commission, said the proposal was important in a situation where oil producing countries "are diversifying their trade infrastructure on the world oil market."

An Iranian source close to the negotiations told a RIA Novosti correspondent that Tehran "will closely study" the Russian proposal.

The St. Petersburg Commodity Exchange was founded by a number of oil and transport companies and large banks.

The exchange conducted its first trading session in September 2008, when a small amount of aviation and diesel fuel was sold. Full-scale trading was to have started in early 2009, but has yet to begin.

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